Strategic Marketing Planning L3 Flashcards
What does the strategic context consist of?
- Resources and capabilities
- Competitors
- The external environment
- Target customers
What does the strategic context framework include?
- Vision
- Mission
- Organisational values
- Organisational goals
- Corporate strategy
What is a vision as part of the strategic context framework?
Statement about what an organisation wants to become. It should give shape and direction to an organisation’s future. Very long term, probably never achieved because it changes.
What is a mission as part of the strategic context framework?
A broad statement of intent, which sets out an org’s purpose and direction, what it wishes to achieve in the long term. What will be done to achieve the vision, the steps are achievable and measurable.
What are organisational values as part of the strategic framework?
They define the acceptable interpersonal and operating standards of behaviour. They govern and guide the behaviour of individuals within the organisation.
What are organisational goals as part of the strategic framework?
Desired outcomes of the organisation’s various activities. May be articulated in terms of profit, market share, share value, return on investment, or numbers of customers served. SMART - much shorter term.
What is corporate strategy in terms of the strategic context framework?
The means by which the resources of the organisation are matched with the needs of the environment in which the organisation decides to operate.
What is the purpose of the organisation?
The reason the organisation became into existence. The purpose often gets lost as the firm gets bigger.
What is marketing planning according to McDonald (2002)?
It is a sequential process involving a series of activities leading to the setting or marketing objectives and the formulation of plans for achieving them.
What is the executive summary in terms of marketing planning?
A brief, one page summary of key points and outcomes.
What are the overall objectives in terms of marketing planning?
Reference should be made to the organisation’s overall mission and corporate goals - the elements that underpin the strategy
What is the product/market background in terms of marketing planning?
This comprises a short summary of the product and/or market to clarify understanding about target markets, sales history, market trends, main competitors, and the organisation’s own product portfolio
What are marketing strategies in terms of marketing planning?
This section should be used to state the market to be targeted, the basis on which the firm will compete, the competitive advantages to be used, and the way in which the product will be positioned in the market
What are the marketing goals in terms of marketing planning?
The desired outcomes of the strategy should be expressed in terms of the volume of expected sales, the value of sales and market share gains, levels of product awareness, availability, profitability and customer satisfaction
What are marketing programmes in terms of marketing planning?
A marketing mix for each target market segment has to be developed, along with a specification of who is responsible for the various activities and actions, and the resources that are then to be made available
What is the implementation stage in terms of marketing planning?
It sets out the
- Way in which the plan is to be controlled and evaluated
- Financial scope of the plan
- Operational implications in terms of HR, research and development and system and process needs
How does supporting documentation get incorporated into the marketing plan?
They should contain documentation that is too bulky to be in the plan itself but necessary for reference and detail e.g market research
What is the cycle of strategic planning?
Develop strategic plans –> develop marketing plans –> carry out plans –> measure results –> evaluate –> corrective action
What are the prime strategy characteristics?
- Market leader
- Market challenger
- Market follower
- Market nicher
What is a market leader?
Attack the market, create new uses and users, or increase frequency of users. Regular innovation, larger ranges, price cutting and discounts, increased promotion.
What is a market challenger?
Attack the market leader, use pricing, new product attributes, sharp increase in advertising spend. Attack rivals, special offers and limited editions, offer superior competitive advantages. Maintain status quo.
What is a market follower?
Avoid hostile attacks on rivals, copy the market leader and provide good quality products that are well differentiated. Focus on differentiation and profits, not market share.
What is a market nicher?
Rapidly increasing, provide high level specialisation - geographic, proposition, service customer group. Provide tight fit between market needs and organisation’s resources
What factors fit into the CCDVTP acronym?
Create Communicate Deliver Value to a Target market at Profit
